Law360, Los Angeles (September 29, 2017, 6:36 PM EDT) -- A California appellate court Friday upheld a lower court's holding that a pair of CNA Financial Corp. insurers must pay the state nearly $14 million in prejudgment interest, in a dispute over coverage for cleanup costs at a toxic waste site in Riverside County.
In the latest ruling in the long-running suit over California's potentially $700 million cleanup effort, a three-judge appellate panel in Riverside left intact Judge Sharon Waters' decision that CNA units Continental Insurance Co. and Continental Casualty Co. — which are collectively referred to as Continental in the panel's opinion — are on the hook for the whopping interest award on top of a $12 million insurance payment to the state.
Among other things, the panel found that the lower court had set the proper start date for calculating prejudgment interest and had applied the correct method for determining when Continental's policies were triggered.
Read more: Calif.'s $14M Interest Award On Cleanup Coverage Upheld